The United Nations recommends developing countries to ban cryptocurrencies

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The United Nations recommends developing countries to ban cryptocurrencies

 

money and business
   

Economy News-Baghdad
A recently published policy brief from the United Nations recommended developing countries take action against digital currencies, warning of the risks associated with leaving the industry unregulated .

In the document titled “Not all that glitters is gold,” which was first published in June, the United Nations Conference on Trade and Development stated that the disadvantages these countries face through digital currencies far outweigh the benefits they may bring to individuals and financial institutions. The document goes so far as to suggest developing countries require the mandatory registration of all cryptocurrency wallets and ban ads related to cryptocurrency .

“It is not about accepting or disapproving of cryptocurrencies but of noting that there are social risks and costs associated with cryptocurrencies,” said Penelope Hawkins, economist and chief economic affairs officer at the United Nations Conference on Trade and Development. “This is a recommendation that applies to any speculative or high-risk financial products where returns are uncertain .”

The intergovernmental organization has warned that digital currencies can threaten the financial stability of developing countries, boost illicit financial activity, prevent authorities from limiting the flow of capital, and threaten the monetary sovereignty of nations by unofficially substituting local currencies .

The brief recommended that governments “make the use of digital currencies less attractive” by taxing transactions using technology and requiring mandatory registration of digital wallets and cryptocurrency exchanges. It also raised the idea of banning financial institutions from owning digital assets and preventing them from providing crypto-related services to customers .

The conference also suggested that developing countries should restrict or ban advertising from crypto companies in public places or on social media platforms claiming that it is an “urgent need in terms of consumer protection in countries with low levels of financial literacy” which could lead to “ Big losses .”

The brief’s final advice is for countries to develop their own payment systems that would serve as a public good, in the same way as government infrastructure, and to explore the creation of a central bank digital currency (CBDC).

 

 

 

 

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126 . views

Added 07/14/2022 - 11:17 AM

Update 07/14/2022 - 3:29 PM

[Tom]

It is very hard to freeze crypto accounts when you step out of line with the globalist bubble, so just ban them?